411homerepair.com

Latest Articles

How to Choose the Best Safety Pool Fences

Swimming pools are a source of family fun and exciting parties. But safety should always be a priority when having one in the house especially when...

on Sep 21, 2020

Stamped Concrete: Pros and Cons, Patterns, and Tips

With the advances in landscaping and construction, you can apply stamped concrete on your paved surface, driveway, patio, pool deck or walkway....

on Sep 21, 2020

All You Need to Know About Pool Automation Equipment

Before you arrive at your home, you thought you needed to relax in your hot tub. But because it requires time to heat up, you may be too tired to...

on Sep 21, 2020

7 Signs of a Water Leak Inside Your Wall

A water leak is a risky business. There is probably nothing worse than having a water leak in your home. But wait, there is something that is much...

on Sep 17, 2020

Top 6 Differences Between Residential and Office HVAC Systems

Top 6 Differences Between Residential and Office HVAC Systems Top 6 Differences Between Residential and Office HVAC Systems Top 6 Differences...

on Sep 16, 2020

Who Pays for What in Real Estate?

by Guest on May 15, 2012

One very common question of real estate transactions is, "Who pays for what in a real estate transaction". Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by buyer's lender
  • Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees and any Prepayment Penalties
  • Termite Inspection (according to contract)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner's dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary Fees
  • Escrow Fee

 

The BUYER could generally be expected to pay for the following.

  • Title Insurance Premium Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer's name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those require by the lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/Change of Records fees for takeover of existing loanBeneficiary Statement Fee for assumption of existing loan
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • City transfer/Conveyance Tax (according to contract) Fire insurance Premium for the first year
Residential and commercial real estate is very different in one way but very similar in the other. The fees paid for commercial properties are way higher than for residential and they depend on a real estate agent’s ability to market the property. So if you are planning to sell your commercial property fast be aware of some of the fees you’ll need to pay to your broker when the transaction finalizes.

Author

Guest

Guest

Most Recent Articles

Sponsored Articles

Random Articles

5 Simple Tips to Make Everyday Cooking Fun with Your Partner

What better idea for a date than to cook with your partner and enjoy the food later? Everyday cooking can turn into a pain or a boring routine if...

Kitchen / Bathrooms

Improve Your Mood at Home with LED Candle Lights

Since centuries ago, the candle has been known as a source of light, and after all this time, technological advances eventually succeeded in...

Interior Design / Decor

The Importance of Visiting a Show Center

When it comes to improving a property, it is important to make sure that you are making the right changes and while professionals will be able to...

Real Estate / Finance

6 Tips for Successful Office Renovation

Office renovation is much more than just repainting and re-carpeting your office space. Meticulous planning needs to go into the process because...

Interior Design / Decor

Home Repair and AC Repair- Importance of Regular Maintenance

Home repair refers to the process of identifying and resolving problems in the home. It is an aspect of home maintenance that also helps to prevent...

HVAC / Air Conditioning

Actions

Contact Us | Submit Article | 411homerepair © 2020